December 2011 Results

December 31, 2011 With gross production tax refunds for July 2009 through June 2010 expiring today PAC files refund claims with the Oklahoma Tax Commission totaling $652,473.

December 30, 2011 Petroleum Accounting Consultants files OTC form 328 for severance tax refunds for $8,933 for Tulsa, OK oil and gas company.  These refunds would have expired in 24 hours if PAC didn’t file these refund claims.


December 29, 2011 With only three days remaining until Oklahoma gross production tax refunds expire for taxes paid for production from July 2009 through June 2010 Petroleum Accounting Consultants files for a gross production tax refund on one well for $474,242.  PAC files for severance tax refunds totaling $1,286,999 for Oklahoma City based oil and gas operator which would have expired in just three days.


December 28, 2011 Petroleum Accounting Consultants files gross production tax refund claims with the Oklahoma Tax Commission totaling $101,360 for Tyler, TX oil and gas operator.  These severance tax refunds were filed as part of Oklahoma Senate Bill 841.  PAC continues field work at Tulsa, OK oil and gas partnership.


December 27, 2011 Five days until refunds from June 30, 2009 through July 2010 expire PAC files 13 forms 1534s with the Oklahoma Corporation Commission to get wells approved for a severance tax refund for four seven different oil and gas firms. PAC files oil and gas severance tax refund claims with the OTC for $1,327,610 just five days before the refunds would have expired.  PAC continues field work at Tulsa, OK oil and gas partnership.


December 26, 2011 Petroleum Accounting Consultants files for a gross production tax refund for Oklahoma City based oil and gas company for $69,551 this refund would expire in six days.


December 23, 2011 Petroleum Accounting Consultants submits gross production tax refund claims to the OTC for $141,072 on form 328.  These refunds were set to expired at Midnight December 31, 2011.


December 22, 2011 The Oklahoma Corporation Commission approves a form 1534 application filed by PAC for a well operated by Ardmore, OK energy firm.  PAC files a severance tax refund claim totaling  $108,708 based on this approval with the Oklahoma Tax Commission.  PAC files for another $49,624 in Oklahoma gross production tax refund claims for Tyler, TX oil and gas company.


December 20, 2011 Petroleum Accounting Consultants files two form 1534 gross production tax refund applications for Ardmore, OK based oil and gas exploration company for work performed on the wells back in 2001.

December 19, 2011 Petroleum Accounting Consultants sends two form 1534s to the Oklahoma Tax Commission requesting gross production tax refunds totaling $2,929 for Oklahoma City energy firm.


December 16, 2011 Petroleum Accounting Consultants files form 1534 for four different oil and gas companies requesting severance tax refunds totaling $20,199. These refunds were going to expire in 15 days.


December 15, 2011 With two weeks remaining until Oklahoma severance tax refund expire for production from July 2009 through June 2010 PAC files nine form 1534s with the Oklahoma Corporation Commission for various oil and gas firms. PAC also files for severance tax refund claims of $45,823 for various oil and gas exploration companies. PAC continues field work at Tulsa, OK oil and gas partnership.


December 14, 2011 Petroleum Accounting Consultants files $32,326 in gross production tax refund claims for Oklahoma City based oil and gas operator.  PAC continues field work at Tulsa, OK oil and gas partnership.

December 13, 2011 Petroleum Accounting Consultants files for $46,931 in Oklahoma severance tax refund claims for wells operated by four different oil and gas firms.


December 12, 2011 Petroleum Accounting Consultants sends to the OTC form 328s requesting gross production tax refunds totaling $60,686.  PAC starts field work to identify severance tax refund opportunities at Oklahoma City based energy firm.


December 11, 2011 Petroleum Accounting Consultants requests another $8,982 in severance tax refunds from the OTC for Houston, TX oil and gas conglomerate.


December 9, 2011 Petroleum Accounting Consultants starts field work at Oklahoma City base energy firm reviewing documents to identify gross production tax refund opportunities.


December 8, 2011 Petroleum Accounting Consultants files form 328s with the OTC for refunds of severance taxes totaling $13,035.


December 7, 2011 Petroleum Accounting Consultants submits severance tax refunds claims to the OTC for $13,261 for Tulsa, OK operator.


December 6, 2011 Petroleum Accounting Consultants concludes field work at Dallas based oil and gas firm.  During field work PAC identified several wells that will qualify for an Oklahoma gross production tax refund.


December 5, 2011 Petroleum Accounting Consultants one of the premier research tax consultants in the area of Oklahoma gross production tax refunds  starts fieldwork to research at Dallas based energy firm.

December 2, 2011 Petroleum Accounting Consultants continues field work at Oklahoma City based oil and gas operator of over 40 wells.  During 2005 Petroleum Accounting Consultants obtained a severance tax refund for this same client of over $80,000.  PAC also files 17 gross production tax rebate applications with the Oklahoma Corporation Commission for Tyler, TX oil and gas operator.  In less than two weeks after completing field work at their offices PAC has filed 35 gross production tax rebate applications.  Previously this operator filed a total of eight 1534 gross production tax applications with the Oklahoma Corporation Commission and they thought they had filed everything that could be filed. Based on the information obtained during the field work portion of PAC’s review PAC anticipates being able to file over 75 gross production tax refund applications.


December 1, 2011 Petroleum Accounting Consultants starts field work at Oklahoma City based oil and gas operator of over 40 wells.  In 2005 PAC obtained over $100k in gross production tax refunds for this operator.

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Testimonials

"I found their staff to be very knowledgeable and professional. Because of their knowledge of the rules and requirements, they were able to tell me which wells would qualify for relief. Many wells were eligible that I did not think would be according to my interpretation of the requirements.

I was very pleased with the outcome and the amount of refunds that I received. I look forward to a continuing relationship with Petroleum Accounting Consultants and I highly recommend their services."

Lewis A. Hembree Production Company
Lewis A. Hembree


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Severance Taxes

An cost effective alternative to hiring your own accounting staff to complete your severance tax reporting requirements is to hire Petroleum Accounting Consultants, PLLC.

Our consultants can complete your severance tax returns and save you money on salary expense and payroll tax expense. More importantly our consultants are familiar with the various severance tax incentives offered by oil and gas producing states and can take advantage of them, which will save you money on your severance taxes.

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